5th Jun 2014 10:45
LONDON (Alliance News) - Northcote Energy Ltd Thursday announced a correction to its first Zink Ranch Well test in Oklahoma, which improves the site's net production figures.
The company said its announced results for the 8-A well at the site on Wednesday showed the wrong net production figure based on its initial gross flow rates. It has now increased the figure to 17 barrels of oil equivalent per day from 10 barrels of oil per day but said that the gross figure of 38 barrels of oil equivalent per day is unchanged.
Northcote said on Tuesday that over a two-day test, initial gross flow rates of 11.5 barrels of oil per day and 159 million cubic feet per day were recorded, equating to the 38 barrels of oil-equivalent per day and 18 barrels net to Northcote figures.
The company said this is the first result from the company's 14 well recompletion programme at Zink Ranch, with results of a further three recompleted wells, alongside longer test production on the 8-A, to be announced in due course.
Northcote Energy shares were trading up 3.4% at 0.905 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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